Payment Methods and Shipping Information for Major Online Bullion Dealers

There are various methods of payment available when buying gold, silver, platinum and other precious metals from online bullion dealers. Each dealer has their own policies and preferences with regards to their accepted payment methods.

Most online precious metals dealers accept credit card and debit card payments. It is an easy and convenient way to pay, but comes with a slightly higher cost due to the fees associated with merchant accounts and payment networks. Some investors are able to earn points, miles or other rewards when paying with credit cards. With some credit card companies offer bonuses and other incentives for certain purchases or promotional periods, some investors are able to offset some of the cost of their bullion purchases by leveraging these offers.

Many dealers accept bank wire transfers for larger purchases. here are usually bank fees involved and depending on your bank, those fees can become significant. However, this method is secure and minimizes the risk of fraud due to the involvement of a third-party.

Some dealers may accept personal checks to be mailed after completing the online purchase. Most often, a credit card hold is required during the waiting period for the check to clear. With delays in mail delivery possible and bank delays in between, it can be weeks before your order is shipped. Ensure you are dealing with a trusted and reputable dealer with a proven reputation for accepting checks before using this method.

If you are purchasing precious metals for an Individual Retirement Account (IRA), the payment process typically involves the IRA custodian transferring funds directly to the dealer. Check with your financial advisor for details if you are investing with an IRA.

Paying with physical cash at a local coin shop is a straightforward and anonymous method. Check out our bullion dealer directory to find local coin shops, pawn shops and other brokers in your local area that trade in precious metals.

Online Bullion Dealers Offering Free Shipping

There are many online bullion dealers that offer free shipping. Most require a minimum order amount to qualify and smaller orders that are under that threshold may have a nominal shipping charge added to the order. The minimum order amount required for free shipping when buying coins and bullion varies from dealer to dealer and at times is changed depending on constraints in the shipping and logistics industry.

The shipping information displayed below for each dealer is provided here for convenience and includes information related to known minimum order requirements and related information. Be sure to check out the shipping terms and conditions displayed on each dealers' website for their latest conditions.

Typical Payment Methods

Cash or Bank Wire Transfer

The most effective way to get the best price when buying precious metals is the pay with cash or a cash equivalent. Most local dealers and coin shops accept cash payments. This can be a convenient option for in-person transactions. This is not possible when shopping with online bullion dealers. However, most accept wire transfers. This has become a popular payment method for large transactions where getting the cheapest price per ounce can make a huge difference.

Often times dealers will offer a discount when you use cash to buy bullion. This is because banks and payment networks charge high fees for processing payments. The fees can be as high as 4% or 5% in addition to the dealer premium. Some dealers may even accept personal checks and money orders with an appropriate waiting period.

Credit Cards

Many precious metals dealers accept credit card payments. Using a credit card can offer certain advantages, such as fraud protection and potential reward points. However, be aware that some dealers may charge an additional fee for credit card transactions due to processing costs.

PayPal & Venmo

A large number of trusted and reputable precious metals dealer accept PayPal as a payment method. Fees are typically included in each order that cover the additional fees that come with using PayPal. Ensure that the dealer has a good track record and offers competitive prices. If you don't already have a PayPal account, sign up for one on the PayPal website. You'll need to link your PayPal account to a valid funding source, such as a bank account or credit card.

When going through to the checkout page to review your order, confirm that PayPal is listed as one of the payment options and you will be redirected to the PayPal login page. Once you confirm the payment, the dealer should receive the funds, and your precious metals purchase will be processed. You will typically receive an order confirmation and tracking information if applicable.

Bitcoin and other Cryptocurrency

Buying precious metals with Bitcoin has become increasingly popular as cryptocurrencies gain wider acceptance. If you don't already have a Bitcoin or crypto wallet, you'll need one to store and send your crypto. You can choose between various types of wallets, including software wallets, hardware wallets, and mobile wallets. Ensure your wallet is secure and that you control the private keys.

On the checkout page while reviewing your order, ensure that Bitcoin is listed as one of the payment options. Some online bullion dealers may offer a discount on the premium when paying with crypto. Many online dealers have integrated with the BitPay payment gateway, which offers a wide selection of available cryptocurrencies in which payment can be made.

After the order is placed, the dealer will typically generate a payment request or invoice that includes a unique Bitcoin address and the amount due. Some dealers may also offer QR codes to simplify the payment process. Paste the dealer's address and enter the exact amount specified in the payment request. Bitcoin and other crypto transactions require confirmation on the blockchain to be completed. Once the dealer confirms the Bitcoin transaction, you should receive an order confirmation and information about the delivery or storage of your precious metals.

Precious Metals IRAs

Once your Self-Directed IRA is established, you'll need to fund it through contributions, transfers, or rollovers from other retirement accounts. Consult with your custodian for guidance on funding options. Decide which precious metals you want to purchase within your IRA. The IRS permits certain types of gold, silver, platinum, and palladium bullion coins and bars for IRA investments. These must meet specific purity and fineness requirements. Common choices include American Gold Eagles, American Silver Eagles, Canadian Maple Leafs, and bars from reputable mints.

Work with a precious metals dealer that is approved by your Self-Directed IRA custodian. Not all dealers are IRA-approved, so consult with your custodian to ensure compliance with IRS regulations. Precious metals purchased within an IRA must be stored in a secure, approved depository or storage facility. Your custodian will help you set up a storage account with a reputable facility.

Payment Plans and Layaway

Some dealers may partner with financing companies to offer payment plans. If financing is required, you may need to complete an application and go through a credit check. Review the payment plan options provided by the dealer. These plans can vary, but they typically involve spreading the cost of your purchase over a set period.

Payment plans can vary in terms of duration and monthly payments. Ensure you understand the terms and conditions, including any interest or fees. In most cases, you'll need to make an initial down payment or pay a portion of the total cost upfront. This amount can vary, so check with the dealer for their specific requirements.

Once your payment plan is set up, you'll need to make regular payments according to the agreed-upon schedule. This may involve monthly, bi-monthly, or quarterly payments, depending on the plan. After completing your payment plan and settling the full amount, the dealer will ship the purchased precious metals to your designated address. Make sure to verify the delivery and inspect the products upon receipt.

Precious Metals Insurance

Precious metals insurance is a type of insurance coverage designed to protect investors against financial losses that can result from the theft, loss, or damage of gold, silver, platinum, or palladium. This insurance is less common, but provides additional peace of mind by safeguarding the monetary value of these tangible assets.

Some Renters and Homeowners Insurance policies provide limited coverage for precious metals kept at home as part of personal property. However, these policies may have low coverage limits and may not cover all types of losses. Some insurance companies offer specialized policies tailored to the unique needs of precious metals investors. These policies typically provide broader coverage and higher limits.

The amount of coverage you can obtain will depend on the insurer and the value of the precious metals you wish to insure. Be sure to carefully review and update coverage limits periodically to be sure the insurance is aligned with the value of your holdings. Some Insurers may require you to meet certain security measures to minimize the risk of theft or loss. This can include using secure safes, vaults, or storage facilities.

Storage or Vault Insurance

Precious metals storage facilities prioritize security. They implement multiple layers of security measures to protect the stored assets. These measures may include 24/7 surveillance systems, access controls, biometric authentication, armed security personnel, and secure vaults with advanced locking mechanisms.

Reputable storage facilities typically have insurance coverage to protect the assets stored within their premises. However, some investors prefer to have additional insurance as a safeguard against potential losses. If you store your precious metals in a secure storage facility or vault, the facility may offer insurance coverage as part of their service. This insurance is designed to protect your assets while they are stored off-site. Some storage facilities offer custodial services and they can manage your precious metals holdings on your behalf that may include periodic audits, inventory management, and reporting.